Business

The Central Bank of Nigeria (CBN) has unveiled the Nigeria Payments System Vision (PSV) 2028, a comprehensive framework designed to strengthen the country’s payment ecosystem, expand financial inclusion, and enhance Nigeria’s position in the global financial landscape. Speaking at the launch in Abuja, CBN Governor, Olayemi Cardoso, said the initiative is aimed at accelerating the financial sector’s contribution to national economic growth while ensuring broader participation in the formal financial system. According to Cardoso, the new vision is built around the belief that a modern, efficient payment system is essential for national development, financial inclusion, and international competitiveness. He emphasized that the framework seeks to create opportunities for every Nigerian t...

The price of Premium Motor Spirit (petrol) has risen from about ₦175 per litre in May 2023 to between ₦1,300 and ₦1,400 in May 2026, representing an increase of roughly 643 per cent in three years according to new reports. Findings show that the sharp rise in fuel prices was triggered by the removal of fuel subsidy by President Bola Tinubu shortly after he assumed office on May 29, 2023 and the subsequent devaluation of the naira further worsened the situation, pushing import-dependent fuel costs beyond the reach of many Nigerians.  Three years later, petrol now sells for between ₦1,300 and ₦1,400 per litre at filling stations across the country, depending on location. The latest surge, from about ₦800 in previous months to current levels, has also been linked to global oil marke...

The Governor of the Central Bank of Nigeria, Mr Olayemi Cardoso, on Monday said an efficient payment system remains one of the fastest ways to lift millions of Nigerians out of poverty, as the apex bank unveiled the Nigeria Payments System Vision 2028. Speaking at the launch of the vision document in Abuja, Cardoso said the country’s payment infrastructure must go beyond facilitating transactions and become a catalyst for economic growth, job creation, financial inclusion, and poverty reduction. According to him, “One of the fastest ways to take a large number of people out of poverty is through an efficient payments system. It’s through an efficient payment system. So let us not look at it lightly.” The event brought together regulators, banks, fintech operators, development part...

The National Agency for Food and Drug Administration and Control (NAFDAC) has sealed 16 sachet water production facilities across Rivers State for violating health and safety regulations. The affected factories are located in Akuku-Toru, Asari-Toru, Degema, and Ikwerre local government areas. Speaking to journalists after an enforcement operation in the affected areas, NAFDAC South-South Zonal Director, Pharmacist Chukwuma Oligbu, said the action was taken against companies found engaging in unhygienic and substandard production practices. According to him, operators of the affected facilities have been directed to report to the agency’s zonal office in Port Harcourt for further investigation. Among the factories shut down are Obra Bo Table Water in Abalama, Loilia Table Water ...

The exchange rate between the United States Dollar (USD) and the Nigerian Naira (NGN) remains a key focus for traders, businesses, and individuals involved in foreign exchange transactions. Black Market (Parallel Market) Exchange Rate According to sources within the Lagos Bureau De Change (BDC) market, the dollar traded at ₦1,384 per dollar for sellers and ₦1,376 per dollar for buyers on Saturday, May 30, 2026. Dollar to Naira Black Market Rates Currency PairBuying RateSelling RateUSD/NGN₦1,376₦1,384 Individuals seeking to exchange dollars for naira in the parallel market may find rates varying slightly depending on location and dealer. CBN Official Exchange Rate Data from the official market shows the Central Bank of Nigeria (CBN) exchange rate ranged between ₦1,372 a...

The Dangote Petroleum Refinery and Petrochemicals has announced fresh reductions in the prices of Premium Motor Spirit (PMS), also known as petrol, and Automotive Gas Oil (AGO), commonly referred to as diesel. The refinery has lowered the gantry price of petrol by N25 per litre, bringing it down from N1,275 to N1,250 per litre. It also reduced the price of Automotive Gas Oil (diesel) by N100 per litre. The product will now sell at N1,700 per litre at the gantry, down from the previous N1,800 per litre. The latest price reduction comes about three weeks after reports emerged that Dangote Refinery had increased the ex-gantry price of petrol.

What is the current Dollar to Naira exchange rate in the black market, popularly known as the parallel market or Aboki FX? Below is the latest black market exchange rate for the Dollar against the Naira as of May 29, 2026. Dollar To Naira Black Market Exchange Rate According to sources within the Lagos Bureau De Change (BDC) market, the US Dollar was traded at ₦1,385 for selling and ₦1,375 for buying on Friday, May 29, 2026. Dollar to Naira (USD/NGN)Black Market RateSelling Rate₦1,385Buying Rate₦1,375 Dollar To Naira CBN Exchange Rate The official exchange rate published through the Central Bank of Nigeria (CBN) market showed the following range: Dollar to Naira (USD/NGN)CBN RateHighest Rate₦1,375Lowest Rate₦1,372 It is important to note that the Central Bank of Nig...

The average retail price of a litre of Premium Motor Spirit, popularly known as petrol, witnessed a significant increase from ₦1,288.54 in March to ₦1,532.93 in April. The National Bureau of Statistics (NBS) made this known in its latest Premium Motor Spirit (Petrol) Price Watch report released in Abuja on Friday, May 29. According to the bureau, the April price of ₦1,532.93 represents an 18.97 percent increase over the price recorded in the preceding month of March. On a year-on-year basis, the average retail price of petrol escalated by 23.69 percent when compared to the ₦1,239.33 recorded in April 2025. A detailed analysis of state profiles revealed that consumers in Yobe State paid the highest average retail price for petrol in the country at ₦1,599.05 per litre. This was closely...

The Central Bank of Nigeria has extended the enforcement of Point-of-Sale terminal geo-fencing to August 1, 2026, giving financial institutions and payment service providers additional time to comply with the regulatory requirement aimed at strengthening oversight of electronic payment channels. The directive was contained in a circular dated May 29, 2026, and obtained from the CBN’s website on Friday. The circular was signed by the Director of the Payments System Supervision Department, Dr Rakiya Yusuf. Addressed to Deposit Money Banks, Microfinance Banks, Mobile Money Operators, Switching and Processing Companies, Payment Terminal Service Providers, Payment Solution Service Providers, Super Agents, and other licensed operators in the Nigerian payments ecosystem, the circular ann...

The Federal Fire Service has alerted Nigerians about the dangers of carbon monoxide poisoning, describing the gas as a “silent killer” responsible for several deaths and serious health complications globally each year. In a statement issued on Friday by the National Public Relations Officer and Head of Corporate Services, DCF Paul Abraham, the Service said carbon monoxide remained one of the most dangerous gases found in homes, workplaces, and enclosed environments because it has “no colour, no smell, and no taste,” making it difficult to detect without proper equipment. “When inhaled, carbon monoxide enters the bloodstream and prevents oxygen from reaching vital organs such as the brain, heart, and lungs,” the statement noted, warning that prolonged exposure could lead to uncons...